At Liquid, we continuously strive to improve our product offerings and user experience. As a part of that process, it is important that we occasionally update our Terms of Use and other user agreements and documents to clarify the relationship between you and us.
Effective 11 October 2021, we will be updating our Terms of Use and Risk Disclosure Statement. The significant updates are summarized below.
Terms of Use Summary
Section 3 - Risk Disclosure Statement
- Clarification that you accept the risks and potential losses from using our services.
Section 12 - Liquid Earn
- Clarification of risks involved with using Liquid Earn.
Section 13 - Forks, Derivative Protocols, and Distributions
- Clarification that staking and other distributions of digital assets are not supported unless we specifically announce otherwise.
Section 15 - Our Relationship With You
- Clarification that your use of our services is not a trustee relationship and that we are not under any obligation to maintain any insurance or protection scheme to protect you against any losses.
Sections 16.8 and 16.9 - Prohibited Activities; Approval Required
- Clarification of categories of activities that are prohibited or require pre-approval from us.
Sections 16.13 and 17.2 - Dormant Accounts; Effect of Termination
- Clarification of the handling of dormant accounts and funds that remain unclaimed after the termination of an account.
Section 20 - Lien and Set-off
- Clarification that you will not be able to withdraw assets if you owe amounts to us and that we have the right to set off assets in your account against amounts you owe to us.
Sections 23 and 24
- Requires users to notify us of any claims and to commence actions within certain time periods, and describes the consequences of a failure to do so.
In addition, the Terms of Use contain various other minor amendments.
Risk Disclosure Statement
Updates are made in Sections 2.7, 3.1, 4.2, and 4.6 to clarify certain risks related to Liquid Earn, risks associated with the underlying technology, risks due to changes in rules and procedures, and cybersecurity risks.
